Why Podcasts Are Great For Business In 2020
The data on podcasting keeps getting bigger and better, making now the time for more advertisers to get on board. In a crowded media environment, this red-hot medium serves up attentive listeners and an exclusive ad environment.
Podcasts advertising isn’t just for deep-pocketed national brands; local businesses can take advantage too. Local radio stations, including Federated Media’s stations, offer original podcasts that are a prime avenue to connect with local audiences.
Our listeners are among the 78.9 million Americans listening to podcasts in 2020, according to a new report by eMarketer. By 2023, that figure is expected to surge to 85.4 million Americans. Digital audio listeners are particularly devoted to podcasts, with one-third reporting they listen to podcasts now and nearly 40% projected to tune in by 2023.
In response, brands are directing more ad dollars to podcasts. Advertising agency Magna projects podcast ad spend will hit $960 million in 2020 and surpass $1 billion in 2022.
Ready to get involved? Advertisers can choose among 800,000 podcasts that align with their brand image, products and services. Your local radio partners can help you identify the best local podcasts to meet your needs. Combining on-air radio and podcast ads can create a powerful audio ad strategy. When you advertise in a podcast, you connect with an established community of like-minded consumers. That intimacy complements radio’s ability to reach large groups of consumers and increase brand awareness.
Equally important, podcasting gives local businesses a rare opportunity at exclusivity. Many podcasts are sponsored by a single advertiser and feature limited advertising space. Podcast listeners have demonstrated they’ll listen to ads during content and they view podcast advertisers favorably, especially when the ads are unique to the podcast. Demonstrating their trademark loyalty, podcast fans have said they’re willing to buy products and services from businesses that support their favorite shows and hosts.
Along with pre-roll and mid-roll ad opportunities in podcasts, businesses can explore branded podcasts. Produced in partnership with local radio stations, these can spotlight a business or showcase a topic with connections to a brand and its potential customers. For example, a construction company could create a podcast about home renovations, a topic it is well-versed in. Rather than producing an infomercial for the construction company, the podcast episodes feature stories of projects gone awry, DIY success stories and tips that homeowners can use with renovating their own homes. Branded podcasts are excellent content marketing.
Podcasts by Federated Media can help you explore the opportunities to advertise in both podcasting and digital audio. Follow the listeners and you won’t be disappointed.